AUTHORITY: The provisions of this Part 100 issued under sec. 1, 49 Stat. 938; 31 U.S.C. 7738. SOURCE: The provisions of this Part 100 contained in Department Circular 55, Revised, 31 F.R. 9493, July 13, 1966, unless otherwise noted. CROSS REFERENCE: For regulations of the Federal Reserve system, see 12 CFR Chapter II. § 100.2 Scope of regulations; transactions effected through Federal Reserve banks and branches; distribution of coin and currencies. The regulations in this part govern the exchange of the coin and paper currency of the United States (including national bank notes and Federal Reserve bank notes in process of retirement and Federal Reserve notes). Under authorization in the act approved May 29, 1920, 41 Stat. 655 (31 U.S.C. 476), the Secretary of the Treasury transferred to the Federal Reserve banks and branches the duties and functions performed by the former Assistant Treasurers of the United States in connection with the exchange of paper currency and coin of the United States. Except for the duties in this respect to be performed by the Treasurer of the United States and the Director of the Mint as may be indicated from time to time by the Secretary of the Treasury exchanges of the paper currency and coin of the United States and the distribution and replacement thereof will, so far as practicable, be effected through the Federal Reserve banks and branches. The Federal Reserve banks and branches are authorized and directed to make an equitable and impartial distribution of available supplies of currency and coin in all cases directly to member banks of the Federal Reserve System and to nonmember commercial banks. Applications therefor should be made to the Federal Reserve bank or branch of such bank which serves the territory in which the applicant bank is located. Deliveries to and from member banks and to and from nonmember commercial banks shall be made under such terms and conditions as may be prescribed by the Federal Reserve banks. Nothing in the authorization set forth above shall be regarded as requiring Federal Reserve banks and branches to supply currency and coin to other financial institutions or to the general public. [Amdt. 1, 31 F.R. 16226, Dec. 20, 1966] Subpart A-In General § 100.3 Lawfully held coins and currencies in general. The official agencies of the Treasury Department will continue to exchange lawfully held coins and currencies of the United States, dollar for dollar, for other coins or currencies which may be lawfully acquired and are legal tender for public and private debts. Paper currency of the United States (including national bank notes and Federal Reserve bank notes in process of retirement and Federal Reserve notes) which has been falsely altered and coins altered to render them available for use as other denominations will not be redeemed since such currency and coins are subject to forfeiture under title 18, U.S. Code, section 492. Persons receiving such currency and coins should notify immediately the nearest local office of the U.S. Secret Service of the Treausry Department and hold the same pending advice from that Service. § 100.4 Gold coin and gold certificates in general. The exchange of gold coin pursuant to the regulations in this part shall be subject to such limitations or requirements as may be applicable under the acts, orders, regulations, and instructions relating to gold. Gold certificates of the type issued before January 30, 1934, are exchangeable, as provided in this part, into other currency or coin which may be lawfully issued. Subpart B-Exchange of Mutilated Paper Currency § 100.5 Mutilated paper currency. Lawfully held paper currency of the United States which has been mutilated will be exchanged at its face amount if clearly more than one-half of the original whole note remains. Fragments of such mutilated currency which are not clearly more than one-half of the original whole note will be exchanged at face value only if the Treasurer of the United States is satisfied that the missing portions have been totally destroyed. His judgment shall be based on such evidence of total destruction as he deems necessary and shall be final. [35 F.R. 17841, Nov. 20, 1970] § 100.6 Destroyed paper currency. No relief will be granted on account of lawfully held paper currency of the United States which has been totally destroyed. [35 F.R. 17841, Nov. 20, 1970] Subpart C-Exchange of Mutilated Coin SOURCE: The provisions of this Subpart C appear at 34 F.R. 16427, Oct. 16, 1969, unless otherwise noted. § 100.10 Mutilated coin; in general.1 (a) Mutilated coins of 90 percent silver are not accepted at their face amount but at their bullion or metal value, calculated at the price fixed by the Director of the Mint in accordance with § 100.14. Mutilated coins which were minted under authority of Public Law 89-81 are accepted at the value at which coins of 90 percent silver of the equivalent denomination would be accepted in similar condition, in accordance with such comparative measurement as is feasible. Mutilated coins which are so defaced or fused together as not to be readily and clearly identifiable as to genuiness and denomination will be accepted at their bullion or metal value. Mutilated minor coins are accepted at their bullion or metal value. (b) Coins are mutilated when punched, clipped, plugged, fused together, or when so defaced as to be not readily and clearly identifiable as to genuineness and denomination. Coins containing lead, solder, or other substances which will render them unsuitable for coinage metal will not be accepted. Coins that are bent or twisted out of shape, but are readily and clearly identifiable as to genuineness, and coins that have been reduced in weight by natural abrasion only, are not regarded as mutilated, and will be received at face amount. are provided in United States Code, title 18, section 331. § 100.14 Standard silver dollars, subsidiary silver coins, and coins minted under authority of Public Law 89-81. (a) Mutilated coins will be purchased at the New York Assay Office. They should be transmitted to the Assay Office at the expense and risk of the owner (charges prepaid). Mutilated coins of 90 percent silver will be purchased at the price fixed from time to time by the Director of the Mint, which is approximately the market price of silver bullion on the date purchased, or the monetary value of silver contained in the coins, whichever is lower. Multilated silver coins shall not be commingled with other types of coins in the shipment. (b) Mutilated clad coins minted under the authority of Public Law 89-81 will be paid for in accordance with the provisions of § 100.10. [34 F.R. 16427, Oct. 16, 1969, as amended at 35 F.R. 11020, July 9, 1970] § 100.15 Minor coins. Mutilated minor coins (1-cent bronze and 5-cent nickel) will be purchased in lots of not less than 5 pounds of each kind, at a price (the approximate value as metal) fixed from time to time by the Director of the Mint, and should be transmitted at the expense and risk of the owner (charges prepaid). One-cent and 5-cent coins in the same shipment shall be segregated by denomination. Subpart D-Other Information § 100.16 Shipments of coins. Coins unfit for further circulation, forwarded for redemption at face value, must be shipped at the expense and risk of the owner. Shipments of subsidiary or minor coins for redemption at face value should be sorted by denomination into packages in sums of multiples of $20. Not more than $1,000 in any silver or clad coin, $200 in 5-cent pieces, or $50 in 1-cent pieces, should be shipped in one bag or package. transportation charges, as a general rule, than would be possible through the Treasurer of the United States at Washington. So far as practicable, therefore, such transactions should be handled through the Federal Reserve banks and branches. § 100.18 Location of Federal Reserve banks and branches. and The Federal Reserve banks branches are located in Boston, Mass.; New York, N.Y.; Buffalo, N.Y.; Philadelphia, Pa.; Cleveland, Ohio; Cincinnati, Ohio; Pittsburgh, Pa.; Richmond, Va.; Baltimore, Md.; Charlotte, N.C.; Atlanta, Ga.; New Orleans, La.; Jacksonville, Fla.; Birmingham, Ala.; Nashville, Tenn.; Chicago, Ill.; Detroit, Mich.; St. Louis, Mo.; Louisville, Ky.; Memphis, Tenn.; Little Rock, Ark.; Minneapolis, Minn.; Helena, Mont.; Kansas City, Mo.; Omaha, Nebr.; Denver, Colo.; Oklahoma City, Okla.; Dallas, Tex.; El Paso, Tex.; Houston, Tex.; San Antonio, Tex.; San Francisco, Calif.; Los Angeles, Calif.; Portland, Oreg.; Salt Lake City, Utah; and Seattle, Wash. § 100.19 Counterfeit notes to be marked; "redemption" of notes wrongfully so marked. The act of June 30, 1876 (19 Stat. 64; 31 U.S.C. 424), provides that all U.S. officers charged with the receipt or disbursement of public moneys, and all officers of national banks, shall stamp or write in plain letters the word "counterfeit," "altered," or "worthless" upon all fraudulent notes issued in the form of, and intended to circulate as money, which shall be presented at their places of business; and if such officers shall wrongfully stamp any genuine note of the United States, or of the national banks, they shall, upon presentation, "redeem" such notes at the face amount thereof. § 100.20 Disposition of counterfeit notes and coins. All counterfeit notes and coins found in remittances are canceled and delivered to the U.S. Secret Service of the Treasury Department or to the nearest local office of that Service, a receipt for the same being forwarded to the sender. Communications with respect thereto should be addressed to the Director, U.S. Secret Service, Treasury Department, Washington, D.C. 20226. AUTHORITY: The provisions of this Part 102 issued under R.S. 251, sec. 5(b), 40 Stat. 415, as amended; 31 U.S.C. 427, 12 U.S.C. 95a and note, E.O. 8389, as amended by E.O.s 8405, 8446, 8484, 8493, 8565, 8701, 8711, 8721, 8746, 8785, 8832, 8963, 8998, 9760; 3 CFR, 1943 Cum. Supp., 3 CFR, 1943-1948 Comp., E.O. 9193, as amended by E.O.s 9567, 9788; 3 CFR, 1943 Cum. Supp., 3 CFR, 1943-1948 Comp. SOURCE: The provisions of this Part 102 appear at 24 F.R. 6242, Aug. 4, 1959; 24 F.R. 6390, Aug. 8, 1959, unless otherwise noted. § 102.1 Reports of currency transactions required. Commencing with transactions occurring in the month of August 1959, every financial institution in the United States shall file monthly reports on Form TCR1 concerning each deposit or withdrawal, or other payment or transfer, effected by, through, or to such financial institution, which involves transactions in United States currency as follows: (a) Transactions involving $2,500 or more of United States currency in denominations of $100 or higher; (b) Transactions involving $10,000 or more of United States currency in any denominations, and (c) Transactions involving any amount in any denominations, which in the judgment of the financial institution exceed those commensurate with the customary conduct of the business, industry or profession of the person or organization concerned. § 102.2 Filing of reports. Reports on Form TCR-1 shall be filed on or before the 15th day of the month following that in which the reported transactions occur, with the Federal Reserve Bank of the district in which the reporting financial institution is located. All information called for in such form shall be furnished. A supply of Form TRC-1 may be obtained upon request directed to any Federal Reserve Bank. § 102.3 Identification required. No financial institution shall effect any transaction with respect to which a report is required unless the person or 120.3 120.4 120.5 120.6 120.7 § 120.1 Executive Order 6073 of March 10, 1933, concerning the operation of banks. Executive Order 6080 of March 18, Proclamation 2070 of December 30, Proclamation 2039 of March 6, 1933, declaring a bank holiday. I, Franklin D. Roosevelt, President of the United States of America, in view of * * * national emergency and by virtue of the authority vested in me by said act (October 6, 1917, 40 Stat. 411) and in order to prevent the export, hoarding, or earmarking of gold or silver coin or bullion or currency, do hereby proclaim, order, direct and declare that from Monday, the sixth day of March, to Thursday, the ninth day of March, nineteen hundred and thirty-three, both dates inclusive, there shall be maintained and observed by all banking institutions and all branches thereof located in the United States of America, including the territories and insular possessions, a bank holiday, and that during said period all banking transactions shall be suspended. During such holiday, excepting as hereinafter provided, no such banking institution or branch shall pay out, export, earmark, or permit the withdrawal or transfer in any manner or by any device whatsoever, of any gold or silver coin or bullion or currency or take any other action which might facilitate the hoarding thereof nor shall any such banking institution or branch pay out deposits, make loans or discounts, deal in foreign exchange, transfer credits from the United States to any place abroad, or transact any other banking business whatsoever. During such holiday, the Secretary of the Treasury, with the approval of the President and under such regulations as he may prescribe, is authorized and empowered (a) to permit any or all of such banking institutions to perform any or all of the usual banking functions, (b) to direct, require or permit the issuance of clearing house certificates or other evidences of claims against assets of banking institutions, and (c) to authorize and direct the creation in such banking institutions of special trust accounts for the receipt of new deposits which shall be subject to withdrawal on demand without any restriction or limitation and shall be kept separately in cash or on deposit in Federal Reserve banks or invested in obligations of the United States. As used in this section the term "banking institutions" shall include all Federal Reserve banks, national banking associations, banks, trust companies, savings banks, building and loan associations, credit unions, or other corporations, partnerships, associations or persons, engaged in the business of receiving deposits, making loans, discounting business papers, or transacting any other form of banking business. (Sec. 5(b), 40 Stat. 415, as amended, sec. 1, 48 Stat. 1; 12 U.S.C. 95a, 95b) [Proc. 2039, Mar. 6, 1933] NOTE: 120.7 excludes from the scope of § 120.1 member banks of the Federal Reserve System. 95a), as amended by the Act of March 9, 1933 (48 Stat. 1; 12 U.S.C.), do hereby proclaim, order, direct and declare that all the terms and provisions of the Proclamation of March 6, 1933 (§ 120.1), and the regulations and orders issued thereunder are hereby continued in full force and effect until further proclamation by the President. (Sec. 5(b), 40 Stat. 415, as amended, sec. 13. 48 Stat. 343; 12 U.S.C. 95a, 213; Proc. 2039, Mar. 6, 1933) [Proc. 2040, Mar. 9, 1933] § 120.3 Executive Order 6073 of March 10, 1933, concerning the operation of banks. The Secretary of the Treasury is authorized and empowered under such regulations as he may prescribe to permit any member bank of the Federal Reserve System and any other banking institution organized under the laws of the United States, to perform any or all of their usual banking functions, except as otherwise prohibited. The appropriate authority having immediate supervision of banking institutions in each State or any place subject to the jurisdiction of the United States is authorized and empowered under such regulations as such authority may prescribe to permit any banking institution in such State or place, other than banking institutions covered by the foregoing paragraph, to perform any or all of their usual banking functions, except as otherwise prohibited. All banks which are members of the Federal Reserve System, desiring to reopen for the performance of all usual and normal banking functions, except as otherwise prohibited, shall apply for a license therefor to the Secretary of the Treasury. Such application shall be filed immediately through the Federal Reserve banks. The Federal Reserve bank shall then transmit such applications to the Secretary of the Treasury. Licenses will be issued by the Federal Reserve bank upon approval of the Secretary of the Treasury. The Federal Reserve banks are hereby designated as agents of the Secretary of the Treasury for the receiving of application and the issuance of licenses in his behalf and upon his instructions. Until further order, no individual, partnership, association, or corporation, including any banking institution, shall export or otherwise remove or permit to be withdrawn from the United States or any place subject to the jurisdiction thereof any gold coin, gold bullion, or gold certificates, except in accordance with regulations prescribed by or under license issued by the Secretary of the Treasury. No permission to any banking institution to perform any banking functions shall authorize such institution to pay out any gold coin, gold bullion or gold certificates except as authorized by the Secretary of the Treasury, nor to allow withdrawal of any currency for hoarding. (Sec. 5 (b), 40 Stat. 415, as amended, secs. 4, 13, 48 Stat. 2, 343; 12 U.S.C. 95a, 213; Proc. 2039, Mar. 6, 1933; Proc. 2040, Mar. 9, 1933) [E.O. 6073, Mar. 10, 1933, as amended by sec. 1, E.O. 6559, Jan. 15, 1934] NOTE: 120.7 excludes from the scope of § 120.3 member banks of the Federal Reserve System. § 120.4 Executive Order 6080 of March 18, 1933, concerning the appointment of conservators for State banks, members of the Federal Reserve System. Whenever the appropriate authority having immediate supervision of any banking institution located in any State or place subject to the jurisdiction of the United States, which is a member of the Federal Reserve System and which has not been licensed by the Secretary of the Treasury to resume its usual banking functions, shall deem it necessary or advisable in order to conserve the assets of such banking institution for the benefit of the depositors or other creditors, such authority may, in accordance with the provisions of the applicable laws of such State or place, appoint such appropriate official as may be authorized under such laws to conserve the assets of such banking institution pending further disposition of its business as provided by such laws. This order shall not authorize any such member bank to reopen for the performance of usual and normal functions until it shall have received a license from the Secretary of the Treasury as provided in Executive Order of March 10, 1933 (§ 120.3). (Sec. 5 (b), 40 Stat. 415, as amended, secs. 4, 13, 48 Stat. 2, 343; 12 U.S.C. 95a, 95, 213) [E.O. 6080, Mar. 18, 1933] |